UAE-Dubai 6/Feb.2025: In a landmark development for global trade relations, Costa Rica and the United Arab Emirates (UAE) have signed a Comprehensive Economic Partnership Agreement (CEPA), marking a historic milestone in their bilateral economic ties. This agreement, finalized with the exchange of instruments of ratification, holds vast potential for both nations and the global economy at large.
The agreement is expected to unlock new opportunities in trade, investment, and innovation, particularly in strategic sectors such as digital services, renewable energy, tourism, and advanced manufacturing. These sectors will drive the diversification and long-term growth of both nations’ economies.
The CEPA prioritizes sectors where both Costa Rica and the UAE hold strong potential and shared ambitions. In digital services, the UAE’s thriving tech sector, combined with Costa Rica’s growing innovation ecosystem, creates a promising partnership. Both countries recognize the critical role of digital transformation and innovation in fueling economic development.
The renewable energy sector also presents exciting prospects. Costa Rica has emerged as a leader in green energy, while the UAE has made significant strides as a global leader in clean energy. Through the CEPA, both nations will exchange knowledge, technology, and resources to accelerate the transition toward sustainable energy.
Tourism and advanced manufacturing are also key areas of collaboration, with Costa Rica’s eco-tourism offerings complementing the UAE’s world-class infrastructure and logistics capabilities. This synergy creates vast opportunities for Costa Rican exporters, particularly in eco-friendly tourism.
Costa Rica’s Regional Leadership
Costa Rica is recognized as a regional leader in high-value products, including medical devices, agricultural goods, advanced manufacturing components, renewable energy, and eco-tourism. These industries are set to benefit greatly from the CEPA, as the agreement provides improved market access to the UAE and its expansive global trade corridors. The UAE’s world-class logistics network and free trade zones will provide Costa Rican businesses with a strategic gateway to expand into global markets, offering unprecedented opportunities for growth.
Non-oil trade between the UAE and Costa Rica has seen significant growth, reaching US$82.6 million in 2024, marking a 27.5% increase compared to 2023 and more than doubling pre-pandemic levels. The CEPA is expected to further accelerate this momentum, facilitating the movement of goods and services, fostering private-sector collaboration, and unlocking new investment opportunities across key sectors.
The Role of Leadership in Realizing the Agreement
The success of the CEPA is a direct result of the leadership and vision of key individuals from both nations. While the UAE’s Minister of State for Foreign Trade, Dr. Thani Al Zeyoudi, played a crucial role in advancing the agreement, Costa Rica’s efforts, led by HE Manuel Tovar, Minister of Foreign Trade, were equally instrumental in its success. Tovar’s unwavering commitment to strengthening economic ties between Costa Rica and the UAE played a key role in making this agreement a reality.
In reflecting on the significance of the CEPA, HE Manuel Tovar said, “This agreement, while opening new avenues in trade, will unleash investment and innovation opportunities in strategic sectors such as digital services, renewable energies, tourism, and advanced manufacturing. The commitment and forward-looking approach of my colleague and friend Dr. Thani Al Zeyoudi has been instrumental in concluding what I call a new generation and ambitious trade deal between two of the most dynamic economies from the Gulf countries and the Latin American region.”
“This agreement, while opening new avenues in trade, will unleash investment and innovation opportunities in strategic sectors such as digital services, renewable energies, tourism, and advanced manufacturing“, Manuel Tovar.
Tovar’s dedication, combined with his in-depth understanding of Costa Rica’s strategic goals and the growing potential of the Middle East and Gulf regions, was vital in bridging the gap between the two nations. His leadership facilitated the development of a robust framework for collaboration that will benefit both countries for years to come.
Speaking at the event, HE Dr. Thani Al Zeyoudi highlighted the strong potential of the UAE-Costa Rica CEPA in boosting bilateral trade and investment flows, stating: “This CEPA is a catalyst for deeper economic collaboration, opening new avenues in trade, investment, and innovation for both our nations. Costa Rica is one of the most dynamic and forward-thinking economies in Central America, recognised for its expertise in technology, advanced manufacturing, and commitment to sustainable growth. Meanwhile, the UAE stands as a global trade and investment hub, offering Costa Rican businesses unparalleled access to markets across the Middle East, Asia, and Africa. By removing trade barriers, facilitating investment flows, and fostering cooperation in key sectors, this agreement lays the foundation for a new era of mutually beneficial economic prosperity.”
“This agreement lays the foundation for a new era of mutually beneficial economic prosperity.“, Dr. Thani Al Zeyoudi.
Key Figures Behind the Agreement
The successful conclusion of the CEPA was made possible through the collaborative efforts of various leaders and stakeholders from both countries. Alongside HE Dr. Thani Al Zeyoudi, the contributions of HE Manuel Tovar, HE Francisco Chacón, Ambassador of Costa Rica to the UAE, Mr. William Reuben Soto, President of the Dubai Costa Rica Business Council, Mrs. Laura López, CEO of Promotora del Comercio Exterior de Costa Rica (PROCOMER), and Mr. Julian Aguilar, Coordinator for Middle Eastern Affairs at the Ministry of Foreign Trade of Costa Rica, were pivotal in bringing this historic agreement to fruition.
Essa Abdulla Al Ghurair ,Chairman of Essa Al Ghurair Investment;and His Excellency Mohammad Ali Rashed Lootah, President & CEO of Dubai Chambers, were also present at the ceremony, underscoring the significance of the agreement and further solidifying the strong business ties between Costa Rica and the UAE.
His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented: “The UAE enjoys strong economic ties with the Republic of Costa Rica. The Comprehensive Economic Partnership Agreement between our countries will further enhance bilateral trade and investments, while also fostering mutual opportunities for the business communities in both markets across diverse sectors.”
A Bright Future Ahead
The agreement signifies the increasing importance of UAE-Latin America relations, with both regions recognizing the immense value of enhanced collaboration. Partnerships like the one between Costa Rica and the UAE will shape the future of global trade, driving investment, innovation, and economic growth.
Costa Rica and the UAE have set a powerful example of how nations can come together to build mutually beneficial economic partnerships that embrace innovation, sustainability, and shared progress. The CEPA is not just a trade agreement; it is a blueprint for the future of international partnerships—one that will pave the way for further cooperation between Latin America and the Gulf region.
(C) Latin&gulf 2025
